A whale that drove down Bitcoin’s price during the crypto winter has resurfaced again to move 4,451 BTC tokens worth over $133 million. This massive deposit has triggered a frenzy of speculative activity among crypto aficionados and market watchers.
Several on-chain sleuths tracked down the past activity of the address and discovered that the same whale deposited roughly 5,000 BTC on Jan. 30 [evaluated at $188 million back then]. Lookonchain tweeted that after it happened, the price of Bitcoin fell back by more than 4.2%—from roughly $23,700 to $22,700.
In-depth research by the data platform revealed that between Oct. 6 and Dec. 15, the same large-scale holder bought about 25,160 BTC on average for $19,059 each. This wallet now has 15,603 BTC, worth around $470 million.
However, leading crypto journalist Wu Blockchain shut down rumors of the “weird whale”. Citing data from Arkham Intelligence, he tweeted that those reports of a “giant whale address transferring 4,451 bitcoins to Binance” were in fact internal transactions between the Binance wallet and the exchange.
While Bitcoin’s bullish momentum may have stalled over $30k, recent data showed that the leading coin continues to attract a sizable amount of buyer interest. At that price, a record 3.8% of the total quantity of BTC was last traded, according to on-chain market information platform Glassnode.
Expert Reveals Bitcoin May Surge Beyond $31k On One Condition
Therefore, individuals who are closely following shouldn’t be surprised by a potential rally. According to an expert, 7.77 million BTCs are currently off the market because they were misplaced or are being hoarded by the most tenacious investors. This suggests that a sizeable chunk of Bitcoin is in capable hands, which may increase the value of the cryptocurrency in the future.
Another prominent crypto analyst and trader, Ali Martinez, announced that he spotted a buy signal on a Bitcoin chart. In his tweet, he provided technical details depicting potential signals for trend exhaustion and price reversal. Martinez believed BTC must avoid closing below $29,800 to gain the strength to validate the bullish signal and climb to $30,600 or even $31,300.